Former UNP Deputy Leader and MP Ravi Karunanayake has warned that the global trading system is undergoing major changes as countries increasingly adopt protectionist policies.
He said the United States is moving towards unilateral protectionist trade arrangements, which could weaken the traditional global trading framework.
Karunanayake said Sri Lanka should work towards building its own export competitiveness rather than relying solely on concessions such as the European Union’s GSP Plus. However, he warned that existing trade concessions and benefits should not be abandoned before the country develops stronger export capabilities.
He also criticized Sri Lanka’s current tax structure, warning that high taxes could further widen economic inequality.
